Media Release

Interfaith Federal Credit Union Closes

September 17, 2008, Alexandria, Va. -- The National Credit Union Administration (NCUA) placed Interfaith Federal Credit Union of East Orange, New Jersey, into liquidation yesterday.
The NCUA Asset Management and Assistance Center will issue checks to individuals holding verified share accounts in the Interfaith Federal Credit Union within one week. Through the NCUA National Credit Union Share Insurance Fund, credit union members’ deposits are insured to at least $100,000 on regular accounts and $250,000 on certain retirement accounts.

NCUA made the decision to liquidate Interfaith Federal Credit Union and discontinue its operation after determining the credit union is insolvent and has no prospects of restoring viable operations. At the time of liquidation, the credit union served 370 members and had assets of approximately $388,000. 

NCUA chartered Interfaith Federal Credit Union in1982 to serve members of the New Hope Baptist Church in East Orange, New Jersey.  Interfaith Federal Credit Union is the10th federally insured credit union closure to take place in 2008.

The National Credit Union Administration is the independent federal agency that charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates the National Credit Union Share Insurance Fund, insuring the savings of nearly 89 million members in all federal credit unions and most state-chartered credit unions. NCUA operations are funded by credit unions, not tax dollars.

-NCUA-